Reaves Utility Income Fund (UTG) to Issue Monthly Dividend of $0.20 on June 30th

Reaves Utility Income Fund (NYSEAMERICAN:UTG) declared a monthly dividend on Tuesday, April 7th. Shareholders of record on Wednesday, June 17th will be paid a dividend of 0.20 per share by the closed-end fund on Tuesday, June 30th. This represents a c) dividend on an annualized basis and a yield of 5.9%. The ex-dividend date of this dividend is Wednesday, June 17th.

Reaves Utility Income Fund Stock Performance

Shares of Reaves Utility Income Fund stock opened at $40.70 on Thursday. Reaves Utility Income Fund has a 12-month low of $28.40 and a 12-month high of $42.35. The firm’s 50 day simple moving average is $39.86 and its two-hundred day simple moving average is $38.61.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of UTG. Wealthspire Advisors LLC acquired a new position in shares of Reaves Utility Income Fund in the fourth quarter valued at about $5,279,000. Absolute Investment Advisers LLC acquired a new position in shares of Reaves Utility Income Fund in the third quarter valued at about $5,137,000. Bank of America Corp DE increased its holdings in shares of Reaves Utility Income Fund by 11.7% in the second quarter. Bank of America Corp DE now owns 1,043,401 shares of the closed-end fund’s stock valued at $37,750,000 after purchasing an additional 109,614 shares during the period. LPL Financial LLC increased its holdings in shares of Reaves Utility Income Fund by 13.6% in the fourth quarter. LPL Financial LLC now owns 779,445 shares of the closed-end fund’s stock valued at $28,512,000 after purchasing an additional 93,261 shares during the period. Finally, HBW Advisory Services LLC increased its holdings in shares of Reaves Utility Income Fund by 197.5% in the fourth quarter. HBW Advisory Services LLC now owns 109,016 shares of the closed-end fund’s stock valued at $3,988,000 after purchasing an additional 72,369 shares during the period.

About Reaves Utility Income Fund

Reaves Utility Income Fund (NYSE American: UTG) is a closed-end management investment company organized as a Delaware statutory trust. Since commencing operations in 1994, the fund’s primary objective has been to provide its shareholders with a high level of current income and the potential for capital appreciation. It does so by investing in a diversified portfolio of income-producing securities within the utilities sector.

The fund typically allocates its assets across common stocks, preferred stocks, corporate debt securities, convertible securities, rights, warrants and depositary receipts of regulated utility companies.